SENATE TO SET UP ANTI - MONEY LAUNDERING, TERRORISM AGENCY.

 

A bill which seeks to establish Nigerian Financial Intelligence Centre to combat money laundering and terrorist activities scaled second reading in the Senate today. The Executive bill was consolidated with another bill on the same issue sponsored by Senator Victor Lar from Plateau South. Lar, who is also Chairman, Senate Committee on Drugs, Narcotics and Financial Crimes strongly, supported the passage of the bill. He listed some observed operational and institutional deficiencies to include deficient anti-money laundering Act, weak ant-terrorism Act, absence of an independent financial intelligence unit, absence of mutual legal assistance Act, absence of Proceed of Crime/Asset recovery and management body and absence of Whistle Blowers Act. Senate Leader, Victor  Ndoma-Egba, in his lead debate noted that financial intelligence is a law enforcement strategy employed by governments the world over to gather information in relation to cash and currency transactions in financial system within and across national boundaries.